Seems like the state government of Maharashtra drives to meet the central RERA timeline i.e. July 31. The real estate regulatory authority (RA) of Maharashtra restated that no extension would be permitted for registration after July 31 and liabilities would be the main concern. Thus, developers have been ordered to hammer on the registration process of their on-going projects. As per the authority registration would bring in clarity and control in realty practices. The department also expects that speeding up of registration process will lower property prices and expel all hidden cost.
Maharashtra Real Estate Regulatory Authority (RERA) is likely to have a workshop organised by the Pune Metropolitan Region Development Authority (PMRDA) to encourage developers to register with RERA. The department assured homebuyers to provide as easy operative legal process and correct cost to consumers. Any complaint from the developer or the consumer or the local body for the violation of RERA rules will be scrutinized by the authority and if found at fault, the same will punishable under RERA decree.
As per the updated data, approximately 20 registrations have been done and about 44 projects are in queue for registration, of which 42 are under- construction projects. Developers should be conscious about uploading valid information regarding their respective projects online with proper registration and certification obtained.
“MahaRERA already has issued its first show-cause notice to an eminent realtor of the state, which signifies that anyone involved in the realty business should not take any deal lightly. Maharashtra was one of the first states to submit their state RERA norms. West Bengal is at the last step of submitting its respective RERA norms. These days consumers are sending queries in bulk all related to RERA implementation under ‘post your property requirement in Kolkata’ the query segment of different leading property portal of the city. Buyers’ rights will be throughout protected by RERA statue. Thus, we are advising buyers to wait till July 31 for buying property in Kolkata,”-said West Bengal RERA and Realty expert Mr. Mahesh Somani.
The Real Estate (Regulation & Development) Act 2016 will be enforced across the country from August 1, 2017. Despite the fact that approximately 100 project promoters have filled in the details of their projects for registration, they have not yet submitted the payment by far. Maharashtra Housing and Area Development Authority (MHADA) expects a considerable number (20 approx) of projects getting registered by June 15. After completing registration promoters will have to start maintaining a different account for 70% of the money received from the very project. Including this all ongoing projects, or under-construction projects, are expected to be registered with the authority within three months up to July 2017 to comply with the regulations.
- Somani Realtors News Network